Resource Management
Task 1 Resource
Management study guide questions.
1.What is Resource
Management?
It refers to the
process of using any resource the company has in the best possible way always
looking for the most profitable result. These resources include assets,
facilities, equipment, human resources, etc.
2.Mention what is
the importance of Resource Management in business.
Its importance is
totally related to business profitability and sustainability. Its main characteristics
are minimizing project resource cost by mixing all the available resources in
order to get the right combination depending on the project., foreseeing the
resource demand before it is needed so it is possible to compare the one we
already have versus the one it is going to be required so shortages and
excesses can be identified, using scarce resources more effectively and monitoring, and improving employee´s skills to motivate engagement and productivity.
3.What are the
Concepts and Components of Resource Management? Define them in detailed.
- Resource
scheduling: allows to identify and allocate resources more effectively.
- Resource
utilization: this KPI compares time versus availability in terms of utilization
like resource, billable, strategic, and non-billable.
- Resource
forecasting: helps to predict utilization levels so it is possible to mobilize
resources, ensure effective management and bridge the capacity and demand.
- Resource and
capacity planning: related to resource planning, it analyses the capacity and
demand gap.
- Business
intelligence and reports: provides insights needed for a better and easier decision
making process.
4.What are the
advantages of resource management?
- Lower costs
- Better employee
performance
- Low employee
turnover
- Projects on time
- Client’s
satisfaction
5.What are the
skills that every resource manager should have? Explain each in detail.
- Communication skills:
so, they can explain roles and responsibilities effectively.
- Conflict
resolution: since they are mediators, they have to intervene to ensure everyone
is working properly.
- Domain
knowledge: it is important to have previous experience on the area they are
working before start making decisions, so they can know what is the best way to
keep working on the project.
- Proactive
planning: they must fulfill the workforce demand in order to give resources the
right treatment.
- Negotiation
skills: this enables to deal with any possible and unexpected challenge in
order to solve the situation and complete the project within time and budged.
- Risk management:
a bit related to the last point, it is important to have a backup plan in case
something goes wrong.
You are totally right, resource management is directly related to business profitability and sustainability. Sometimes many companies don’t really see the importance of managing resources but is definitely a important factor in a business. Good job. :)
ReplyDeleteI also share Daniel´s idea, and yours because the importance of resources management is totally related to business profitability and sustainability.; as a manager, you need to be focus on that and try to make those factors succeed. Good job!
ReplyDeleteHello Fernanda!, I have read your job and the previous comments, absolutely agree, you have summarized in a perfect way all the necessary points to this topic, thank you, reading your post I could realized about some details that I did not notice before. For example the skills that every resource manager should have, I am scared of them because back in the day I was interested in this career.
ReplyDeleteWhat about you? :)
Hello Jacqueline, thanks a lot for your comment :)
DeleteWhy are you scared of them? I mean, I am too haha but I am a very introvert person, so all those responsibilities and the fact of having all of the company´s resources on my charge would totally freak me out, at least now that I do not have any experience, but I guess time and practice helps a lot to know how to deal with any situation.
I like your answers, I totally agree with you
ReplyDeleteHi! I totally agree with you and with the comments above, resource management is directly related to business profitability and sustainability. and the best the company knows about this topic, the best they can get from the company.
ReplyDeleteas future employees we must be familiar with the processes
ReplyDelete